Published On: Sun, Sep 18th, 2016

Best Buy Co. (BBY) Short Interest Update

Best Buy Co. (NYSE:BBY) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 36,901,080 shares, an increase of 8.1% from the August 15th total of 34,136,564 shares. Approximately 13.3% of the company’s shares are sold short. Based on an average daily volume of 10,296,853 shares, the short-interest ratio is presently 3.6 days.
In other news, VP Mathew Watson sold 1,030 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $39.45, for a total transaction of $40,633.50. Following the completion of the sale, the vice president now directly owns 18,876 shares of the company’s stock, valued at $744,658.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.21% of the company’s stock.
A number of institutional investors have recently made changes to their positions in BBY. Boston Partners increased its position in shares of Best Buy by 1.8% in the second quarter. Boston Partners now owns 8,248,785 shares of the technology retailer’s stock worth $252,412,000 after buying an additional 148,547 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Best Buy by 3.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,815,142 shares of the technology retailer’s stock worth $239,143,000 after buying an additional 226,284 shares during the period. Skandinaviska Enskilda Banken AB publ increased its position in shares of Best Buy by 1.7% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 6,317,039 shares of the technology retailer’s stock worth $193,301,000 after buying an additional 106,227 shares during the period. BlackRock Fund Advisors increased its position in shares of Best Buy by 4.2% in the second quarter. BlackRock Fund Advisors now owns 4,539,217 shares of the technology retailer’s stock worth $138,900,000 after buying an additional 182,792 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Best Buy by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,291,758 shares of the technology retailer’s stock worth $131,326,000 after buying an additional 357,016 shares during the period. 86.28% of the stock is currently owned by hedge funds and other institutional investors.

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Best Buy (NYSE:BBY) opened at 38.00 on Friday. The company has a market cap of $12.06 billion, a P/E ratio of 12.37 and a beta of 1.44. The company’s 50 day moving average price is $35.72 and its 200 day moving average price is $32.74. Best Buy has a 52-week low of $25.31 and a 52-week high of $40.58.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. The firm had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.40 billion. Best Buy had a return on equity of 22.44% and a net margin of 2.62%. The business’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 earnings per share. Equities research analysts anticipate that Best Buy will post $3.05 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Friday, September 9th. Best Buy’s dividend payout ratio (DPR) is presently 36.48%.
BBY has been the subject of several research analyst reports. Deutsche Bank AG reissued a “buy” rating and issued a $32.00 price objective on shares of Best Buy in a research note on Tuesday, June 28th. Vetr raised Best Buy from a “buy” rating to a “strong-buy” rating and set a $33.39 price objective for the company in a research note on Monday, June 13th. Credit Suisse Group AG reissued a “buy” rating and issued a $36.50 price objective on shares of Best Buy in a research note on Wednesday, May 25th. Raymond James Financial Inc. increased their price objective on Best Buy from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, August 24th. Finally, Zacks Investment Research downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, May 27th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. Best Buy presently has a consensus rating of “Hold” and an average target price of $37.27.
About Best Buy
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents or using its Websites or mobile applications. It operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.

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